By Robert Cook,
Anderson Kill & Olick, P.C.
On Monday, the New York City Council passed “Zone Green,” a series of amendments to the New York City Zoning Resolution which are intended to remove zoning impediments to the implementation of measures that will make buildings more environmentally friendly.
These amendments were originally proposed two years ago by the Green Codes Task Force, a group of practitioners brought together by Mayor Bloomberg and Council Speaker Quinn, and are part of a series of “green” initiatives put forth by the Bloomberg administration.
While many elements …

Buildings Commissioner Robert LiMandri last week kicked off the Department’s 8th annual Construction Safety Week with the 2012 Build Safe/Live Safe Conference at the Marriott Marquis in Times Square.
More than 350 construction professionals and government regulators attended the day-long conference where the Department unveiled its latest safety initiative, 3D Site Safety Plans.
The new program allows contractors on the City’s largest construction projects to electronically submit three-dimensional, interactive images of a project’s required site safety plan — increasing the overall safety of the construction process while accelerating Department plan approvals.
Three-dimensional site …

The Professional Women in Construction (PWC) organization paid tribute to a group of outstanding women at its annual Salute luncheon at The Yale Club in New York City.
Barbara Armand, president of Armand Corporation and chair of the PWC Salute to Women of Achievement luncheon, said the ranks of distinguished women in the industry has grown each year.
PWC president Lenore Janis introduced Corporate Leadership honoree Karen Roberts, president, Walmart Realty, who is responsible for a portfolio of close to one billion square feet.
Roberts  called Walmart “a proud partner with PWC” and …

Overall construction spending in New York City reached $27.4 billion in 2011, a 3.5 percent decline from 2010, when total spending reached $28.4 billion, according to a New York Building Congress analysis.
Construction spending is down 12 percent, in current dollars, from the peak year of 2007.
In this update of its annual New York City Construction Outlook report, which was released in October 2011, the Building Congress projects overall construction spending will reach $28.8 billion in 2012, before falling to $25.1 billion in 2013.
The updated forecast shows a modest improvement from …

CityVest Realty Corp. president Mark Stempel is marketing a Fifth Avenue corner location, 560 Fifth Avenue at 46th Street. “This corner flagship opportunity offers the prestige of a Fifth Avenue address, major brand visibility and non-stop pedestrian traffic,” Stempel said. “The location, close to offices, hotels, stores and attractions, is stellar.  Retailers wait years for this type of space to come onto the market.”

The Real Estate Board of New York (REBNY) inducted three more deals into the commercial real estate hall of fame by announcing the winners of its Most Ingenious Deal of the Year Awards last night at the Commercial Sales Brokers Committee annual cocktail reception held at the 101 Club.
Twenty-seven real estate dealmakers submitted ingenious sale, lease, and finance transactions for a chance to compete for the distinguished first, second, and third place trophies.
And the winners are…
· The first place Henry Hart Rice Award, was presented to Tara I. Stacom and Michael …

Swarovski, the world-renowned designer and manufacturer of crystal jewelry and objects, will open its eighth location in Manhattan at 365 Madison Avenue, at the base of the Roosevelt Hotel. RKF arranged the lease on behalf of the landlord and tenant for the 2,141 s/f store consisting of 1,641 s/fon the ground floor and 500 s/f in the basement. RKF’s Robert Cohen, executive vice president, together with director Jaclyn Totolo, arranged the lease on behalf of Swarovski Retail Ventures, LTD. 

Savanna has acquired 576 Fifth Avenue, a 72,000 s/f boutique multi-tenant office building on the corner of Fifth Avenue and 47th Street in Midtown.
 
Savanna initially acquired the defaulted first mortgage and subsequently took control of the leasehold interest in the property in a consensual transaction with the former leasehold owner.
576 Fifth Avenue will undergo an extensive capital improvement program to modernize the building under Savanna’s new ownership.
“Savanna was able to complete this complex, multi-step acquisition by bringing together the former leasehold owner, the fee owner and the lender in a …

GFI Development Company is offering corner and street-front retail space at 470 Vanderbilt Avenue in Brooklyn. The ten-story, 660,000 s/f mixed-use property is four blocks from Atlantic Center and Atlantic Terminal Mall, a major destination shopping thoroughfare for Brooklyn. Neighboring stores include Target, Victoria’s Secret, DSW, Men’s Warehouse, Marshall’s, Circuit City, Burlington Coat Factory, Old Navy, Buffalo Wild Wings, McDonald’s and Starbucks.

By Al Barbarino
It is slim pickings for potential buyers looking to invest in the city’s commercial real estate.
Inventory levels are low and prices have hit an all-time high, as potential buyers scour the market and owners cling to property.
Post-recession, investors who weathered the storm are looking to expand portfolios. Foreign buyers are flooding the market. And first time buyers who missed out during the boom want in.
But existing property owners see little incentive to sell. “There are only so many buildings in Manhattan,” said James Kinsey, CEO of ERG Properties.